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Iran designs alternative system for SWIFT

Press TV – May 26, 2012

The Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says that the country has designed and implemented a new system for conducting international transactions.

Bahmani said on Saturday that the new system, which has already been activated, would replace Worldwide Interbank Financial Telecommunication (SWIFT)

On March 15, SWIFT CEO Lazaro Campos said in a statement that the society has decided to discontinue offering services to Iranian banks which are subject to financial sanctions imposed by the European Union.

On January 23, the EU foreign ministers approved new sanctions on Iran’s financial and oil sectors, which prevent member countries from importing Iranian crude or dealing with its central bank.

Experts believe that SWIFT’s new action is meant to fully enforce EU sanctions, as global financial transactions are impossible without using SWIFT.

Bahmani rejected reports about a Japanese bank freezing transactions with Iranian banks.

On May 17, the Reuters reported that Bank of Tokyo-Mitsubishi UFJ has frozen USD 2.6 billion of assets of Iranian banks under an order by the New York District Court earlier this month.

May 27, 2012 Posted by | Economics, Wars for Israel | , , , , , , , | 3 Comments

IMF rejects call to cut ties with Iran

Press TV – May 1, 2012

The International Monetary Fund has rejected a call by a US-based anti-Iranian group to cut its ties with the Central Bank of Iran.

The IMF said on Tuesday that its relationship with the Central Bank of Iran is based on its constitution, noting that Iran’s membership does not contravene US or EU sanctions on Tehran, AFP reported.

The anti-Iranian group also criticized IMF Managing Director Christine Lagarde over her meeting with Central Bank of Iran Governor Mahmoud Bahmani on the sidelines of the semiannual meetings of the International Monetary Fund and the World Bank in Washington in late April.

The US-based anti-Iranian group consists of former US diplomats and government officials.

IMF spokesman William Murray said, “According to our constitution… the IMF’s holdings of each member’s currency are maintained with the central bank of the relevant member, including Iran… There is nothing in the EU or US sanctions regimes that is inconsistent with these arrangements.”

Headquartered in Washington, the IMF is an organization of 188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

May 1, 2012 Posted by | Economics, Wars for Israel | , , , , , , | Leave a comment